Top 2 Materials Stocks Which Could Blast Off In August

Author: Lisa Levin | August 09, 2023 07:32am

The most oversold stocks in the materials sector presents an opportunity to buy into undervalued companies.

The RSI is a momentum indicator, which compares a stock's strength on days when prices go up to its strength on days when prices go down. When compared to a stock's price action, it can give traders a better sense of how a stock may perform in the short term. An asset is typically considered oversold when the RSI is below 30.

Here’s the latest list of major oversold players in this sector, having an RSI near or below 30.

Ryerson Holding Corporation (NYSE:RYI)

• Ryerson Holding reported pricing of secondary offering of 4 million shares by significant shareholder. The company’s stock has a 52-week low of $23.63 .
• RSI Value: 25.29
• RYI Price Action: Shares of Ryerson Holding fell 4.7% to close at $28.23 on Tuesday.

AngloGold Ashanti Limited (NYSE:AU)

• Anglogold Ashanti reported H1 earnings of 33 cents per share, down from 71 cents per share in the year-ago period. It has a 52-week low of $11.94.
• RSI Value: 29.35
• AU Price Action: Shares of AngloGold Ashanti fell 1.5% to close at $18.33 on Tuesday.

 

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Posted In: AU RYI